The Nifty remained inconclusive as the
resistance of 7665 remained unconquered on closing basis. However, technical
parameters suggest that a bit more of upside must be in the offing and the
sentiment has indeed improved from negative to consolidation with a positive
bias. But the resistance of 7665 is remains as the key to the return of bulls
in the immediate term. Otherwise we remain within the trading range with roughly
7665 as upper bound and 7382 as the lower bound.
The intra-day traders may go long if the
Nifty trades above 7675 with stop loss at 7648 and book profit at around 7700. However,
if it trades below 7629 then they may short the index with stop loss at 7648 to
book profits at 7604.
The short-term traders may go long if the
benchmark index conquers the resistance of 7665 conclusively with good volumes.
Otherwise, they may wait and watch.
Mid-term investors may stay away for a little
longer in the sidelines and just wait and watch.
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Disclaimer: The
writers of this column do not personally hold any stock or position in the
F&O market and do not intend to benefit in any way by publishing this
column. The final discretion is that of the reader and we disown any
responsibility for any loss incurred by the reader.
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